Thanks for doing this column.
I took my Social Security during the recession at 62. I really have been working ever since. I understand that whatever I got at that time is it. Seems a little odd to me that when I finally stop working which may not be till my 80's, (excellent health) there will be no benefit increase beyond the standard.
Also isn't there a time when they stop deducting federal taxes for medicare?
Thanks a bunch,
Your benefit amount is based on your best 35 years of inflation adjusted earnings, so if you keep working, your benefit amount may increase accordingly. The Social Security Administration (SSA) automatically adjusts benefits to take earnings after retirement into account, so there is no need for you to take any action. You can, however, take proof of your earnings (i.e. W-2 forms for wages and/or Schedules SE from tax returns for self-employment earnings) to the SSA office and request a manual recomputation which may expedite the process.
There is no cutoff point for Social Security and Medicare taxes. You continue to pay those on any earnings you have for as long as you continue to work.